Form 4136 for St. Petersburg Florida 2024-2025

Form 4136 for St. Petersburg Florida: What You Should Know

Form 4136 “Computation of Credit for Federal Tax on Gasoline. If you're an individual, and you use gasoline for transportation, business, or farm purposes, as well as for non-covered uses such as gardening, you may be able to get a tax credit for your gasoline taxes. How much will the federal gasoline tax credit help you? For your 2025 income tax year, you'll claim an amount equal to 1,500. With a 75,000 taxable income, a 5,000 credit would be granted. As a result, your 2025 federal income tax return will contain a credit of at least 75,000. You can claim an additional 2,500 if a trust beneficiary makes more than 75,000 as a dependent and there are no other dependents. If you claim the federal tax credit for 2017, and you are not required to file an itemized return, or aren't considered under federal income tax withholding, you will receive a Form 4136 with your return. You will also have to make a timely refund of any federal income tax withheld. How to claim the credit The deadline is April 15 of the year you file. As a general rule, you can claim the credit for any qualifying fuel for which you paid federal tax, including diesel fuels, propane, etc., in 2017. You can claim any amount of gas paid from January 1 – December 31, 2017, to reduce the tax for that fuel. If you are married, filing jointly, you can claim an additional 2,500. The credit can't exceed the maximum you paid in federal taxes in 2017. How much federal tax will you owe? If you had taxable income of more than 75,000 in 2017, you may qualify for an additional 125.00 credit. If you are married, and you have no other dependents, this credit can reduce your income tax bill. You will make 125.

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